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March 15, 2011 Dear Mr. Owens: I would like to refer to your recent comments regarding “The End of Tax Havens”, published in the March issue of The International Tax Review. It is hard to believe that you continue to talk about tax havens and yet you fail to acknowledge that the U.S., which is […] The 25 members of the Florida Delegation to the U.S. House of Representatives, lead by Congressman Bill Posey signed a letter to President Obama urging withdrawal of a proposed IRS regulation (REG-146097-09) that would require the reporting of bank deposit interests paid to foreign account holders, to be turned over to foreign governments-. Their main concern is, of course, that Florida banks, which have substantial deposits from Latin America, would be particularly hard hit if this IRS regulation is not withdrawn. They claim that it could drive job-creating capital out of America and undermine U.S. financial markets by sending the message to existing and potential foreign depositors that the U.S. is no longer a secrete jurisdiction. It is publicly known that this proposed IRS regulation is a revival of another similar Clinton-era proposal that was shelved after facing strong opposition from both private industry and public policy organizations. […] From The International Tax Review Jeffrey Owens, director of the OECD Centre for Tax Policy and Administration, believes the Organisation’s reviews of transparency and information exchange will see the end of tax havens. “Tax havens are going to cease to be tax havens at the end of this process,” Owens said. “We’ve changed attitudes among […] |
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